Sometimes watching the market all day isn’t as good as taking a quick look at interest rates and the mood on the dollar side. When interest rates go up, people say “long-term value,” but in practice they still cut back on positions. Honestly, risk appetite is quite pragmatic: when liquidity tightens a bit, the lively on-chain activity also becomes more cautious.

Recently, cross-chain bridges have had issues again, and oracles reported outrageous prices. The group immediately started saying “wait for confirmation before acting.” I actually think this is quite similar to the final link in macro transmission to crypto: when uncertainty is high, positions automatically shift to a defensive stance, preferring to miss out rather than risk a blow. Anyway, my current approach is, when the wind is strong, hold back more, and wait until signals become clearer.